Wednesday, June 11, 2014

Nifty gave away most of its gains after reaching 7700, a minor sign of selling above 7650.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

FII's are net buying consistently during this month.
Prices, in the short term, have closed above all key averages.
"Impulsive 3rd wave" seems to be underway with corrections of  72 to 104 points;
the direction is presently "UP" till prices continue to close above these key averages(21 or 34 hr smas). Aggressively Holding above 7612, Conservatively Holding above 7561 uptrend continues....
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it.
7612-31 & 7593 are two key supports today.